THE IMPACT OF NIGERIA’S TWITTER BAN ON FOREIGN INVESTORS
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CHAPTER ONE
INTRODUCTION
- Background of the study
The phrase “social media” is commonly used to refer to new forms of media that enable interactive participation. Typically, the evolution of media can be divided into two distinct epochs: the broadcast eras and the interactive epoch. During the broadcast period, media were almost fully centralized, with a single radio or television station, newspaper company, or film production studio spreading messages to a huge audience. Frequently, media responses were oblique, delayed, and impersonal. Individual interaction was typically mediated on a much smaller scale, typically through personal letters, phone conversations, and occasionally photocopied family newsletters. As a result of the development of digital and mobile technologies, it is now easier than ever for people to engage with one another on a large scale; thus, a new media age has emerged, with interactivity at the core of its functions. One individual could now communicate with a vast number of others simultaneously, and instantaneous feedback was possible. Citizens and consumers’ voices were once restricted and occasionally muffled, but they can now communicate with a vast number of individuals. Due to the low cost and availability of modern technology, individuals have more media consumption options than ever before. Rather of relying on a handful of news stations, they can now seek information from a number of sources and discuss it on message boards. The social media are key to this ongoing transition.
Whether mobile or stationary, all kinds of social media utilize a digital platform. However, not all digital information is social media by nature. Two characteristics describe the social media. Initially, social media enable some form of interaction. Even though social networking platforms such as Facebook permit passive monitoring of what others share, social media are never completely passive. At a minimum, a profile must be created that allows for the prospect of engagement to commence. This distinguishes social media from traditional media, which prohibits personal accounts. Second, social media encourage participation, consistent with their participatory nature. This contact may be with long-standing friends, relatives, or acquaintances, as well as with new people who share similar interests or even belong to the same circle of acquaintances. Although many social media platforms were once considered novel, as they become increasingly integrated into people’s personal and professional lives, they become less noticeable and more expected.
Statement of research problem
The Nigerian government prohibited Twitter on June 4, 2021. For the second time in the past six months, a significant government decision is prompting startup founders and investors to consider the impact of politics and abrupt regulation on conducting business in Nigeria. The Central Bank of Nigeria banned bitcoin transactions in February. This time it’s Twitter, a social media site that has been utilized for everything from crowdsourcing pro bono attorneys for individuals in need and locating missing persons to raising finance. The Cowrywise team received a direct message from Sahil Lavingia, a digital entrepreneur and angel investor from Silicon Valley, on January 11 of this year. He learnt about the savings and wealth management startup and wished to invest, so he utilized Twitter as effectively as possible. Cowrywise completed a $3 million pre-seed round two weeks and two days later. It was led by the multinational investment group Quona Capital, with participation from Lavingia and other investors. Lavingia remarked upon the announcement, “The power of Twitter.” “The timing of this direct message was spot on…” The CEO of Cowrywise, Razaq Ahmed, stated. In a previous decade, startup financing in Africa required extensive travel. Due to rumors of bogus businesses and phantom Nigerian princes, investors were compelled to personally verify business legitimacy, evaluate the chemistry between startups and investors, and interact with customers. Investing in Nigeria can cost one Deutsche Mark in 2021. However, this comfort and perfection is currently threatened. Thus, the Twitter ban has damaged how the international community views Nigeria, and it has also sent the wrong message to foreign investors, who now believe they cannot build a tech company in Nigeria. As an example, the CEO of Twitter chose Ghana as its headquarters in Africa. This has signaled to the foreign community and tech investors that Nigeria is not a genuinely democratic country where freedom of speech and other human rights are not protected.
Objectives of the study
The study’s key aims are as follows:
Determine the causes behind Nigeria’s Twitter ban.
To determine the impact of Twitter’s prohibition on international investors in technology coming to Nigeria.
Determine the impact of the Twitter ban on Nigerian Twitter users.
To determine if the Twitter ban may be repealed and how Nigeria can attract tech investors.
Research questions
The following research questions have been prepared.
Consider the causes and effects of the Twitter ban in Nigeria.
Do you believe the Twitter ban has a favorable or negative effect on international investors?
How does the ban on Twitter affect Nigerian Twitter users?
Do you believe Nigeria’s Twitter ban can be lifted?
Significance of the study
This study’s importance cannot be overstated because:
This study will investigate the stress management strategies of professional women in Lagos, Nigeria.
The outcomes of this study will surely supply government organizations, career women, businesses, and the academic community with much-needed knowledge.
Scope of the study
This study investigates the impact of Twitter’s prohibition on Nigerian foreign investors. Consequently, this research would be restricted to Twitter users in Lagos state. Nigeria
Limitations of the study
This investigation was limited by a variety of issues, which are as follows:
Similar to other types of research, ranging from the unavailability of required correct resources on the issue being studied to the inability to obtain data.
The researcher was hampered by a lack of funds when acquiring pertinent resources and printing and collating surveys.
Having to switch between writing the study and engaging in other academic activity, which makes it difficult for the researcher, is a further limitation posed by the time element.
Operational definition of terms
Effect: a change that occurs as a result of an activity or other cause
Give a call that consists of repeated, soft, trembling sounds.
Foreign investors: refers to a foreign investor’s investment in domestic enterprises and assets of another nation.
THE IMPACT OF NIGERIA’S TWITTER BAN ON FOREIGN INVESTORS
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